Gafisa Acquires 70% of Cipesa
2007年10月27日 - 8:05AM
PRニュース・ワイアー (英語)
-Leading Brazilian Developer Consolidates Presence in the
Northeast- SAO PAULO, Brazil, Oct. 26 /PRNewswire-FirstCall/ --
Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), Brazil's leading
diversified national homebuilder, today announced that it has
acquired a 70% stake in Cipesa, the leading homebuilder in the
state of Alagoas. Grupo Tercio Wanderley, one of the largest sugar
and alcohol producers in the North/Northeast regions of Brazil
formed Cipesa to develop real estate in that area. Since 2006,
Cipesa has been an important partner to Gafisa, and under our
current partnership agreement, it is expected that we will launch
R$ 109 MM of new developments in 2007. Gafisa and Cipesa will
create a new company ("Cipesa Empreendimentos Imobiliarios") to be
70% owned by Gafisa and 30% owned by Cipesa. This new entity will
serve as the sole vehicle for Gafisa and Cipesa to develop projects
in the states of Alagoas and Sergipe. Gafisa will capitalize Cipesa
Empreendimentos Imobiliarios with R$ 50 million in cash and will
purchase R$ 15 million of Cipesa's shares in the new company
throughout a 1 year period. Additionally, Cipesa is entitled to an
earn-out of 2% of the potential sales value (PSV) launched by the
new company until 2014. This earn-out is capped at R$ 25 million.
In consideration for its ownership position in the new company,
Cipesa will contribute its entire R$ 1.5 billion land bank which
represents eleven potential projects across all segments of the
market. "Cipesa is the undisputed leader in Alagoas with its strong
brand identity, substantial land bank and extensive experience in
the permitting and approval processes. We have had a very
successful working relationship with Cipesa, having launched three
projects since last November, "commented Wilson Amaral de Oliveira,
CEO of Gafisa. "With our broad scope and scale, we are confident
that this new venture will further create synergies that will allow
us to expand our national footprint and sustain our growth."
"Gafisa started its geographic diversification several years ago,
and is now in the second cycle of launches. We are already at the
forefront of delivering completed developments in many new
locations, such as Manaus, Belem, and Salvador among other places.
This acquisition will add significant value to Gafisa as we
continue to develop our attractive land bank and work with our
important partners in expanding our national presence," concluded
Mr. Amaral. Conference Call Information: English Date: 10/29/2007
Time: 12:00 (US-EST) 14:00 (Brasilia) Phone: (1 973) 935-8893.
Replay (available for 7 days): (1 973) 341-3080. Code (the same for
the call/replay): 9398702 Portuguese Date: 10/29/2007 Time: 11:00
(US-EST) 13:00 (Brasilia) Phone: (55 11) 2101-4848. Replay
(available for 7 days): (55 11) 2101-4848. Code (the same for the
call/replay): Gafisa About Gafisa Gafisa is one of Brazil's leading
homebuilding companies, focusing on residential markets. Over the
last 50 years, we have completed and sold more than 900
developments and constructed nearly 37 million square meters,
believed to be more than any other residential development company
in Brazil. Gafisa is one of the best-known brands in the real
estate development market, enjoying a reputation among potential
homebuyers, brokers, lenders, landowners and competitors for
quality, consistency and professionalism. For additional
information: Investor Relations Bruno Teixeira Phone: +55 11
3025-9297 Fax: +55 11 3025-9217 E-mail: Website:
http://www.gafisa.com.br/ir Media Relations (US - Europe) Megan
Hakes Reputation Partners Phone: +011 312 222 9299 Fax: +011 312
222 9299 E-mail: Media Relations (Brazil) Joana Santos Maquina da
Noticia Phone: +55 11 3147-7900 Fax: +55 11 3147-7900 E-mail:
DATASOURCE: Gafisa S.A. CONTACT: Investor Relations, Bruno
Teixeira, +55 11 3025-9297, , Media Relations (US - Europe), Megan
Hakes, Reputation Partners, +011 312 222 9299, , or Media Relations
(Brazil), Joana Santos, Maquina da Noticia, +55 11 3147-7900, Web
site: http://www.gafisa.com.br/
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